The Qilin battery, named after a mythical Chinese creature, has an energy density of up to 255 watt-hours per kilogram and is 13% more powerful than one planned by Tesla Inc., a major customer.
CATL, the world's biggest maker of electric-car batteries, starts manufacturing the next-generation Qilin next year. The battery charges faster than existing cells, and is safer and more durable, CATL said. The Qilin battery, named after a mythical Chinese creature, has an energy density of up to 255 watt-hours per kilogram. The battery will have a range of over 1,000 kilometres (620 miles) on a single charge and is 13% more powerful than one planned by Tesla Inc., a major customer.
"It's an important advancement for CATL as it keeps them at the forefront on the innovation side," said Tu Le, managing director of Beijing-based consultancy Sino Auto Insights. "Being the lowest cost provider isn't enough to command loyalty, there needs to be more to it, and that seems to be the Qilin battery for CATL."
CATL has experienced a wave of volatility this year, grappling with soaring prices of raw materials as well as rumours of trading losses. Its first-quarter net income slid 24% from a year earlier to CNY 1.49 billion. The company hasn't explained a CNY 1.79 billion derivatives liability, the first such charge since it was listed. The company said Wednesday it raised CNY 45 billion (USD 6.7 billion) in a private placement of shares, with the proceeds intended for the production and upgrade of lithium-ion battery manufacturing in four Chinese cities, as well as research and development.